Lincoln owns 50% of F&L partnership. Lincoln is also a surgeon at a local hospital in Denver and works long hours. Lincoln earns $200,000 per year in salary from his job as a surgeon. In 2021, F&L earns $400,000 in ordinary business income. Lincoln had a partnership basis of $150,000 at the beginning of 2020 because he paid $150,000 cash for his 50% ownership interest. Lincoln has no "for AGI" deductions with the exception of any possible loss amounts below. The partnership is a general partnership with no limited liability protections. a. What is Lincoln's Adjusted Gross Income for 2021?

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To calculate Lincolns Adjusted Gross Income AGI for 2021 we n... View the full answer